Member Loans definition

Member Loans has the meaning given that term in Section 2.3 hereof.

Member Loans means loans made by the Members to Nevada JV, evidenced by promissory notes or other evidence of indebtedness, which in all cases shall only be made on a proportionate basis based on each Member’s Proportionate Interest.

Member Loans is defined in Section 3.3.

Examples of Member Loans in a sentence

• After payment of (i) current and past-due debt service on liabilities of the Company other than Member Loans, and (ii) all operating expenses of the Company, the Company shall pay the current and past-due debt service on any outstanding Member Loans before distributing any amount to any Member pursuant to Article Four.

• Advance, Advances or Member Loans shall have meanings as provided in Article 3 hereof.

• Also, notwithstanding any other provision contained in this Agreement, the unpaid principal balance of any and all Member Loans and Seller Loans (together with all accrued, unpaid interest thereon) shall be due and payable in full at the closing of the purchase of the Selling Member’s Interest pursuant to this Article 7.

• Any purported sale, assignment, gift, pledge, hypothecation, encumbrance or other transfer of all or any portion of a Member’s interest in the Company or any Member Loans made by it not otherwise expressly permitted by this Article 10 shall be null and void and of no force or effect whatsoever.

• Except as expressly provided in this Article 10, no Member, or any assignee or successor in interest of a Member, may sell, assign, give, pledge, hypothecate, encumber or otherwise transfer, or permit the transfer of, all or any portion of its interest in the Company, or in any Member Loans made by it, or in all or any part of the assets of the Company, directly or indirectly, whether by operation of law or otherwise.

More Definitions of Member Loans

Member Loans has the meaning set forth in Section 4.2.

Member Loans means any loan of cash or other property by the Company to a Member.

Member Loans is defined in Section 2.2.

Member Loans means the loans from time to time made to the Company by a Member (the "MEMBER LENDERS") pursuant to Section 3.2, which shall be accounted for by the Company, be an obligation of the Company payable to the Member Lenders, bear interest at the applicable Interest Rate, and require scheduled (but not necessarily full) payments (applied first to accrued interest and then to reduction of principal) from time to time (pro rata to each Member Lender based on Member Loans then outstanding) as appropriate prior to determination and distribution of Cash Available from Operations, Net Financing Proceeds or Net Sales Proceeds. Member Loans shall not be treated as Capital Contributions to the Company.

Member Loans means, collectively, loans from members or the managing member of Borrower, or their Affiliates, made in accordance with the terms of the Organizational Agreement of Borrower, which are subordinate both in payment and priority of Liens to the Loan and the Loan Documents pursuant to a subordination agreement in favor of Lender binding upon such Person.

Member Loans means loans made by the Members to the Company pursuant to Section 6.05(c).

Member Loans has the meaning set forth in Section 6.5.